IRS Simplifies Compliance with New Repair Regs

Some good Friday the 13th news came forth from IRS last week: simplification for smaller taxpayers’ compliance with the final “tangible property” regulations. The new procedure allows small businesses to change a method of accounting under the final “tangible property” regs on a prospective basis for the first taxable year beginning on or after January 1, 2014, including waiving the requirement to complete and file a Form 3115 for small taxpayers who choose to use this simplified procedure for 2014.